|
17. |
LEASE
OBLIGATIONS AND COMMITMENTS |
| Lease Liabilities |
|
|
|
| |
|
$ |
|
| Lease liabilities recognized as
of January 1, 2019 |
|
|
1,469,664 |
|
| Lease payments made |
|
|
(359,119 |
) |
| Interest expense on lease
liabilities |
|
|
104,384 |
|
| Foreign
exchange adjustment |
|
|
(92,529 |
) |
| Lease liabilities recognized as of January 1, 2020 |
|
|
1,122,400 |
|
| Lease payments made |
|
|
(409,819 |
) |
| Interest expense on lease
liabilities |
|
|
80,637 |
|
| Foreign
exchange adjustment |
|
|
39,767 |
|
| |
|
|
832,985 |
|
| Less:
current portion |
|
|
(271,669 |
) |
| At December
31, 2020 |
|
|
561,316 |
|
On
August 1, 2015, the Company entered into a cost sharing arrangement agreement for the provision of office space and various administrative
services. In May of 2018, the Company extended the cost sharing arrangement to June of 2021 at a monthly fee of $7,000 plus GST per month.
| Year |
|
Amount |
|
| |
|
($) |
|
| 2022 |
|
|
49,000 |
|
On
September 6, 2017, the Company entered into a rental agreement for office space in Los Angeles, USA. Under the terms of the agreement
the Company will pay monthly rent starting at US$17,324 commencing on October 1, 2017 until September 30, 2022.
| Year |
|
Amount |
|
| |
|
US($) |
|
| 2021 |
|
|
251,384 |
|
| 2022 |
|
|
260,185 |
|
| 2023 |
|
|
131,576 |
|
|